Vince Cable: Price of Royal Mail shares 'tells us nothing'

Business Secretary Vince Cable dismissed claims that the government ripped off tax-payers by under pricing Royal Mail shares, and said today's inflated price was perfectly normal for a big flotation.

He said today's price tells us "absolutely nothing" about the offering and was merely "froth and speculation".

Read: Royal Mail workers protest outside Stock Exchange

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Royal Mail shares close up 38%

Shares in Royal Mail have closed 37.9% up at 455p after a feverish first day of trading on the stock market.